Invesco Developing Market Funds has determined to promote as much as 7.8 per cent of its stake in Zee Entertainment Enterprises Ltd (ZEEL) by way of a block deal Thursday. It will promote 7.74 crore shares, which is value round Rs 2,200 crore.
This comes after a battle with ZEEL for a number of months over board-level modifications.
The value will vary between Rs 270.50-290.90 per share and Kotak Mahindra Bank would be the banker for the block deal. This means the share sale will occur at a reduction of as much as 7 per cent to the Wednesday’s closing value of Rs 290.95 on the BSE.
Invesco, alongwith OFI Global China Fund, is presently the most important shareholder in Zee with a complete stake of 17.88 per cent.
“Three funds managed by Invesco’s Developing Markets investment team, including Invesco Developing Markets Fund, are launching a bookbuild transaction today to sell up to 7.8 per cent of the share capital of Zee Entertainment…,” Invesco mentioned in an announcement. “Upon completion of the bookbuild, funds managed by Invesco’s Developing Markets investment team, including Invesco Developing Markets Fund, will continue to own in aggregate at least 11 per cent of Zee, underscoring the investment team’s belief that the Sony deal in its current form has great potential for Zee shareholders,” it added. fe
